https://www.taxtmi.com/caselaws?id=17911 An alleged embezzlement loss was deductible only if the assessee proved an actual loss and showed that recovery was not reasonably possible. On the facts, the claim failed because the assessee produced no credible evidence of actual embezzlement, did not pursue protest, complaint, or civil recovery steps, and the police filed a final report for want of evidence. The record also left open whether the sum was retained towards the employee's profit share rather than lost by embezzlement. The deduction was therefore not allowable, as the burden of proving an irrecoverable business loss remained on the assessee. en-us Fri, 19 Jul 1996 00:00:00 +0530 Fri, 25 Sep 2009 15:36:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17911 An alleged embezzlement loss was deductible only if the assessee proved an actual loss and showed that recovery was not reasonably possible. On the facts, the claim failed because the assessee produced no credible evidence of actual embezzlement, did not pursue protest, complaint, or civil recovery steps, and the police filed a final report for want of evidence. The record also left open whether the sum was retained towards the employee's profit share rather than lost by embezzlement. The deduction was therefore not allowable, as the burden of proving an irrecoverable business loss remained on the assessee. Case-Laws Income Tax Fri, 19 Jul 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17911